Risks involved in Rx-to-OTC switching Apart from the benefits described above, a comprehensive analysis and evaluation of the Rx-to-OTC switch movement should also contain a critical examination of potential risks and disadvantages associated with the reclassification of drugs. Importantly, the usage of OTC drugs heavily depends and relies on consumers' ability to appropriately self-diagnose and self treat (Pawaskar 2007; Stitching AESGP Foundation 2002). In general, greater accessibility to self-medication lacking medical supervision harbours dangers and risks of incorrect use, a delay of diagnosis, and/or masking underlying serious conditions and thus the potential for causing individual harm (Brass 2001; Ferner 2008; Pawaskar 2007). Appropriate strategies for tackling these potential risks should continuously be developed (Ferner 2008). This is of major importance especially in light of emerging evidence that the public no longer assigns the same amount of respect to the potency of an OTC drug as compared to an Rx drug. Drugs which are prescribed to alleviate symptoms of illness such as ain can induce pleasurable feelings when taken in the absence of the disease and this rewarding feeling can lead to the repeated use of the substance. OPPORTUNITIES People are relying more on OTC products these days which is ultimately leading to elevation in number of opportunities. Many initiatives are taken by the Government and different pharmaceuticals companies to create awareness about different drugs and shift Rx to OTC and thereby brand building has become more importance. A stronger brand image would also evoke customer loyalty towards the product and lead to better sales. As an example the brand image o... ... middle of paper ... ... a future where consumers may continue to reach — in the chill of night, in the haze of dawn, in the congestion of th (abc)e workday — for OTC medicines and products they trust and rely on. Bibliography CNBC. (n.d.). Retrieved from http://www.cnbc.com/id/101218003 Consumer healtchcare products association. (n.d.). Retrieved from http://www.chpa.org/FAQsSwitchPP.aspx Dolcera public wiki. (n.d.). Retrieved from https://www.dolcera.com/wiki/index.php?title=Rx_to_OTC_Switch-Market_Analysis Saha, P. G. (n.d.). Indian Otc Drug Market: Opportunities and Challenges. Global Research Analysis International , 3. Understanding trust in OTC medicines. United Nations office on drugs and crime. (n.d.). Retrieved from Misuse of drugs in South Asia: http://www.unodc.org/documents/southasia//reports/Misuse_of_Prescription_Drugs_-_A_South_Asia_Perspective_UNODC_2011.pdf
Lyles, Adam. “Direct Marketing of Pharmaceuticals to Consumers.” Annual Review of Public Health, volume 23. 2002. Print.
In America today, many people are in need of medical help. In fact,the Federal Trade Commission estimates that 75% of the population complain of physical problems (Federal Trade Commission 9). They complain, for example, of fatigue, colds, headaches, and countless other "ailments." When these symptoms strike, 65% purchase over-the counter, or OTC, drugs. In order to take advantage of this demand, five billion dollars is spent by the pharmaceutical industry on marketing each year . This marketing, usually in the form of advert...
As of 2011, Risk Minimization Action Plans (RiskMAPS) have been created to ensure risks of a drug never outweigh the benefits of that drug within the postmarketing period. This program requires that manufacturers design and implement periodic assessments of their programs' effectiveness. The Risk Minimization Action Plans are set in place depending on the overall level of risk a prescription drug is likely to pose to the
More than often, American’s argue that if we have the technology to gain access to these “miracle meds”, then we should take advantage of it. To receive an opposing view, the National Institute of Drug Abuse asked teens around America why they think prescription drugs are overused, and the results were shocking; 62%: “Easy to get from parent's medicine cabinets”, 51%: “They are not illegal drugs”, 49%: “Can claim to have prescription if caught”, 43%: “They are cheap”, 35%: “Safer to use than illegal drugs”, 33%: “Less shame attached to using”, 32%: “Fewer side effects than street drugs”, 25%: “Can be used as study aids”, and 21%: “Parents don't care as much if caught”. I believe the major problem here isn’t the medication, but instead the fact that our nation is extremely uninformed on the “do’s and dont’s” of prescription medication. When “the United States is 5 percent of the world’s population and consumes 75 percent of the the world's prescription drugs” (CDC), there is a problem present, no matter the reason. Clearly, many critics believe the breathtaking amount of pills we consume in America is simply for the better good, but tend to forget the effects that are soon to follow.
The Indian pharmaceutical industry enjoys certain advantages, which include low cost of innovation and capital expenditure, and strong domestic support in production, from raw material requirements to finished goods. The competitive structure of the pharmaceutical industry was being redefined due to the threat of new entrants, intense price competition, entry of large players, and new regulations and rules as well as a shift in focus. In addition, the partnerships between pharmaceutical and biotechnology companies were growing rapidly. The global pharmaceutical market is undergoing rapid transformation. There has been a dramatic shift towards emerging markets as western markets slow down.
According to Brand India Equity Foundation, the Indian pharmaceutical market is likely to grow at a compound annual growth rate (CAGR) of 14-17 per cent in between...
Lucian L. Leape Conducted a study in 1995 on “health policy analyst at the Harvard School of Public Health, found that 6.5 percent of patients at two teaching hospitals in Boston had been injured by their medicines, and one-third of these cases involved mistakes” (Stolberg, 1999). Due to this Study the F.D.A. official were convinced that the danger of prescription cascade is growing which prompted them to release a 150-page report which was made public, that called for pharmacists, doctors, hospitals and drug companies to work together to create ' 'a new framework ' ' for cutting down on overlapping prescription that have a high risk of causing a cascade. Explicit warning pamphlets were also created according to the new guidelines which requires manufacturers to release side effect possibilities in high risk drugs. (Stolberg, 1999)
...ing a wide variety of side effects ranging from nausea to severe psychological dependence. The large number of prescriptions being filled has led to an increased circulation of the drug. This, in turn, leads to a greater possibility of misuse of the drug. Office staff and administrators have to come up with safety procedure to insure safe and proper dispension of the drug.
We live in a world where being medicated has become a societal norm. Modern health care practices have set the stage for the proliferation of direct-to-consumer advertising (DTCA) of prescription drugs by pharmaceutical manufacturers. Some of these practices include the emergence of managed care organizations (MCOs), the legalization of DTCA of prescription drugs, the emergence of the Internet as an alternative promotional channel, the increased desire by patients to become more involved in their own health care decisions, the disillusionment with traditional medicine, and the rise of ‘alternative’ medicine, to name a few. There is an ongoing debate as to the ultimate harm or benefit of this relatively recent practice of pharmaceutical manufacturers to direct their promotional efforts away from the physician and towards the consumer.
From 1970 to 1998, the inflation-adjusted revenue of major pharmaceutical companies more than quadrupled to $81 billion, 24 percent of that from drugs affecting the central nervous system and sense organs. Sales of herbal medicines now exceed $4 billion a year. Meanwhile the war on Other drugs escalated dramatically. Since 1970 the federal antidrug budget has risen 3,700 percent and now exceeds $17 billion. More than one and half million people are arrested on drug charges each year, and 400,000 are now in prison. These numbers are just a window into an obvious truth: We take more drugs and reward those who supply them. We punish more people for taking drugs and especially punish those who supply them. On the surface, there is no conflict...The drug wars and the drug boom are interrelated, of the same body. The hostility and veneration, the punishment and profits, these come from the same beliefs and the same mistakes.
Sharpe, Katherine. “Medication: The Smart-pill Oversell.” Nature: International Weekly Journal of Science. Nature Publishing Group. 12 Feb. 2014. Web. 7 March 2014.
Pharmacy is a booming field when it comes to medicine, but it certainly has controversial issues such as compounding drugs. While the practice of making drugs customized to a patient seems ethical, there are problems that come along with it. Drug compounding was the norm in the past, but over time consumers began to see issues with it. Drug compounding still occurs to this day because some patients do need medicine specifically tailored to their needs. Compounding has also been the focus of recent disasters, some of which occurred less than two years ago. Whatever side one may take on this issue, it is clear that compounding medicine will be a polarizing issue for years to come.
For commodity generic drugs, Teva has an opportunity to expand its core business into emerging markets, but there it will have to face institutional voids because such markets are driven by physicians and both physician and other people are not aware about the effectiveness of generic drugs. To cope with the challenge of institutional voids Teva have to look for some competent small pharmaceutical firms for acquisition and some big firms for the joint venture. For changing the perceptions of people and physicians, Teva will require to run marketing campaigns and direct approaches to physicians to develop a market for their products.
both the benefit and risk of all medication before approval.. In addition, FDA makes the labeling
Drug abuse has been a hot topic for our society due to how stimulants interfere with health, prosperity, and the lives of others in all nations. All drugs have the potential to be misapplied, whether obtained by prescription, over the counter, or illegally. Drug abuse is a despicable disease that affects many helpless people. Majority of those who are beset with this disease go untreated due to health insurance companies who neglect and discriminate this issue. As an outcome of missed opportunities of treatments, abusers become homeless, very ill, or even worst, death.